Not sure how to best manage your money or what the next step is on the path toward meeting your financial goals? A financial advisor can help. Financial advisors run the gamut from impersonal, automated robo-advisors to fiduciaries who meet with you in person and put your best interests first.
If you live in the Bay Area, it’s a good idea to work with a financial advisor based in San Francisco. An advisory group in San Francisco can understand the unique challenges Bay Area residents face, such as higher-than-average living costs. SD Mayer is a full-service, holistic accounting and advisory firm in the Bay Area. We work with individual and business clients, helping them create a plan for their financial future. Learn more about what to look for in an asset manager and financial advisor in San Francisco.
What Are Special Financial Considerations for Bay Area Residents?
The Bay Area has some characteristics that need to be considered when choosing an investment advisory and asset management firm and making financial decisions. The Economic Policy Institute (EPI) currently ranks San Francisco as the number one most expensive metro area in the country for a family unit of two parents with two children. In 2018, the US Housing and Urban Development rated an income of $117,000 per year in San Francisco and Marin counties as a low-income household. As of August 2021, the consumer price index (CPI) had inched up by 3.7% from only 12 months before, according to the Bureau of Labor Statistics (BLS). These are all very important statistics since the rise in household expenses needs to be factored into buying a house and other long-term financial planning decisions.
1. Effects of High-Tech on San Francisco Real Estate
The tech sector growth has been transformative for the San Francisco Bay Area. It has drawn jobs and tremendous economic growth to the region and is largely responsible for increasing housing prices. This influx of new people to the Bay Area and has changed the housing landscape of the city entirely. As SD Mayer is based in the region, our team understands the effects of the housing market and the financial needs of many area residents and businesses.
2. Charitable Gifts and Socially Responsible Investing (SRI)
Fortunately, some investors recognize the unintended effects of high-tech growth in the Bay Area and financial advisors are placing increased focus on donor-advised funds (DAF). Investors can make tax-deductible contributions to social programs and other charities that work to resolve the issues that are important to them. The advisors at SD Mayer can also help their clients make socially responsible investments (SRI) into industries that matter to them, such as green stocks and other sustainability funds.
Look for Services Beyond Asset Management
The best financial advisor in San Francisco will go beyond asset management and offer a wide range of services. Be sure to look for someone who can place emphasis on managing the tax effects of restricted stock units (RSUs) and how to time stock options execution to maximize the equity benefit. Don’t forget to ask about strategic allocation and alternative and private market investments.
Some other services to keep an eye out for include:
- Tax planning
- Retirement planning
- Estate planning
Your wealth manager can help you make lifelong financial decisions and put together a plan to help you reach your financial goals. If you run a business, your wealth manager can also help you develop a strategic plan and create a budget to keep the company in the black. They ought to have as many tools available as possible to cover a wide range of needs and life events, such as the arrival of a new baby or determining the best timeline for buying life insurance.
Two other things to consider when choosing a financial advisor in San Francisco are:
- Independence: Your financial advisor should put you first, not themselves. An independent advisor won’t be beholden to certain investments or be required to push certain products on you. You can trust that the recommendations they make are genuine.
- Fee-only payment structure: It’s simply harder to know if financial advisors who make their earnings on product commissions will always give you the best recommendations.
How Does Your Advisor Contribute to the Community?
Actions say it all. Pick a Bay Area financial advisor who demonstrates a commitment to the community they serve. After all, it’s your community, too. Some companies have a history of volunteerism and encourage their employees to take time away from work to give back. It demonstrates balance and a focus on the important things in life during a time where finance companies sometimes suffer a reputation gap. A reputable local firm will not only exist in the area, but also will be motivated to play an active role in it.
SD Mayer Provides Accounting and Advisory for Life
SD Mayer is a fiduciary registered investment advisor (RIA) with offices in the Financial District and Silicon Valley. Our team has decades of combined experience and can help you navigate living in the Bay Area as you work on reaching your financial goals. We also offer our services to clients across the U.S. and worldwide. Contact us today to get started with an initial consultation.
SECURITIES AND ADVISORY DISCLOSURE:
Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Fee based planning offered through SDM Advisors, LLC. Third party money management offered through Valmark Advisers, Inc a SEC registered investment advisor. 130 Springside Drive, Suite 300, Akron, Ohio 44333-2431. 1-800-765-5201. SDM Advisors, LLC is a separate entity from Valmark Securities Inc. and Valmark Advisers, Inc. Form CRS Link
DISCLAIMER:
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. The services of an appropriate professional should be sought regarding your individual situation.
HYPOTHETICAL DISCLOSURE:
The examples given are hypothetical and for illustrative purposes only.
